In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centres

  In a startling overstep of its remit, the bullion bank consortium, the London Bullion Market Association (LBMA), under cover of the OECD and a group of NGOs, has just launched a campaign against the independence of gold trading centres around the world, threatening to blacklist any market which fails to follow an LBMA set of recommendations about gold sourcing.

The attack is mainly aimed at Dubai, and has already received ferocious backlash in the UAE and in India. Coming from an association whose most powerful banking members such as JP Morgan and Chase and Scotia have recently been prosecuted for precious metals price manipulation, this latest salvo from the LBMA reeks of hypocrisy and double standardsl

In a move in early November which is already causing controversy, self-styled gold market authority, the bullion-bank controlled London Bullion Market Association (LBMA), issued a letter to a group of leading bullion markets around the world, threatening to blacklist gold bullion from any country that fails to meet new LBMA recommendations covering gold sourcing and supply chains, the elimination of cash transactions, and the support for artisanal and small scale mining (ASM).

These recommendations, which have no legal standing, attempt to coerce the bullion markets into examining and verifying the supply chains of gold, while forcing co-operation with regional and international organisations.

The LBMA letter, dated 6 November, is addressed to national authorities in the following major bullion markets, markets which the LBMA refers to as International Bullion Centres (IBCs): China, Hong Kong, India, Russia, Japan, Singapore, Turkey, United Arab Emirates, South Africa, Switzerland, the United States, and the United Kingdom.

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